The changes will mean a bigger gap between the best and worst borrowers; the bank will require companies they take public to have a ‘diverse’ board member.
Documents released by the Office of the Comptroller of the Currency Thursday allege that senior leaders had reason to know that the wrongdoing was widespread but failed to act.
Former CEO John Stumpf agreed to pay a $17.5 million penalty while ex-community banking chief Carrie Tolstedt faces a potentially $25 million fine for sales-practices misconduct. Other former officials could face fines totaling $16 million.
The bank announced a $750 billion plan to “focus on climate transition and inclusive growth”; the seven biggest banks have passed three years in a row.
JPM’s CFO says trading, investment banking revenue better than expected; the bank will pay $192 million to settle charges it helped customers hide assets.
The bank will continue to hold cash in sweep accounts until 2031, although at a lower rate; capital requirements could lead big banks to hold off lending.
